Hydroxychloroquine Market

Market Synopsis:

Global Hydroxychloroquine Market is valued at USD 901.4 Million in 2021 and is projected to attain a value of USD 2,598.6 Million by 2028 at a CAGR of 5.7% during the forecast period, 2022–2028.The antimalarial medicine Hydroxychloroquine belongs to a group of pharmaceuticals known as antimalarials. By lowering immune system activity, it is used to treat rheumatoid arthritis and systemic lupus erythematosus. In 2020, hydroxychloroquine became popular as a coronavirus therapy (COVID-19). HCQ pills, on the other hand, are currently undergoing clinical trials as a potential COVID-19 treatment, and their efficacy in treating COVID-19 has yet to be established in the research. The global Hydroxychloroquine Market is expected to be driven by an increase in the prevalence of malaria and rheumatoid arthritis, as well as an increase in the geriatric population. In the near future, a surge in new releases and approvals is expected to boost the global Hydroxychloroquine Market.

During the COVID-19 pandemic, companies in the Hydroxychloroquine medication industry doubled their output capacities. However, because of the danger of heart rhythm disorders, the FDA has advised against using Hydroxychloroquine outside of hospital settings. Individuals with juvenile idiopathic arthritis and a high frequency of lupus are driving the market for Hydroxychloroquine medicines. Several healthcare professionals, however, are dealing with medication resistance difficulties. As a result, pharmaceutical companies are developing data visualisation and mapping tools to track medication resistance spread. Such information is sent to government-run monitoring agencies in order to bring high-quality medications to the market.

Increase in Product Launches and Approvals

The goal of product launch strategy is to increase income. The launch of new products accounts for more than 25% of total sales and profits across industries. Lincoln Pharmaceuticals was granted FDA permission to produce Hydroxychloroquine (HCQ) and Hydroxychloroquine sulphate tablets in April 2020. The company will be able to export these products after receiving the requisite approval from the Directorate General of Foreign Trade (DGFT). During the projected period, the global Hydroxychloroquine market is expected to be propelled by an increase in the number of product approvals.

Outbreaks of diseases like the coronavirus can increase demand for the medicine. According to the WHO, there were 58,425,681 confirmed cases of COVID-19 worldwide as of November 23, 2020, with 1,385,218 deaths.

Limited Supply of Hydroxychloroquine

There are a number of limits and limitations that will limit the market's expansion. Factors such as a lack of supply of Hydroxychloroquine are possible barriers to the worldwide hydroxychloroquine and chloroquine market's overall growth. Nonetheless, ongoing technological advancements and unexplored potential in developing countries present great growth prospects.

Market Segmentation:

The Global Hydroxychloroquine Market can be segmented by Disease Indication, into Malaria, Rheumatoid Arthritis, COVID-19, Systemic Lupus Erythematosus, and Others. Based on Distribution channel, the Global Hydroxychloroquine Market has been categorized into Hospital Pharmacies, Retail Pharmacies, And Online Pharmacies. Based on Region, the Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Hydroxychloroquine Market

In 2020, North America held the greatest proportion of the Hydroxychloroquine market. Government regulations, the availability of large-scale research facilities, and drug safety awareness are all expected to boost the market in North America. The Asia Pacific market is fueled by a favourable business climate and government measures to develop healthcare infrastructure. Furthermore, a greater emphasis on research and development is expected to boost the market in the region.

Key Players:

Some of the players are Sanofi, Amneal Pharmaceuticals, Inc., Mylan N.V., Teva Pharmaceutical Industries Ltd., Novartis AG, Zydus Cadila, Dr. Reddy’s Laboratories Ltd., Sun Pharmaceutical Industries Ltd., Lupin Limited, Prasco Laboratories

Hydroxychloroquine Market is segmented as follows:

Hydroxychloroquine Market is tabulated as follows: